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Cosigning for ANYONE is one big mistake. If the person you cosign for is not making the payments then the person that cosigned is responsible for all payments. I have no idea why anyone would want to do this. Unless there were stipulations in the contract you signed with the buyer, then no, they can't just up and sell the car. Take another look at your contract. Marcy

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โˆ™ 2005-11-15 20:15:06
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Q: If you are the co-buyer and you are the one making the payments can the buyer take your auto away?
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Related questions

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If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.


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Does a co buyer have rights to the auto loan payments?

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Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.


Can a buyer remove a co-buyer from auto loan?

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If your concerned about your friends or relatives late payments on their car note then I suspect that you are not just a co signor but are actually a co-buyer. If you are a co-buyer on the note then your credit score will certainly be affected by your co-buyers late payments and could also result in your insurance rates going up as well as increased interest rates on your credit cards and any other variable interest notes.


If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?

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